Another raft of trucks and trailers have been repossessed from Titan Bulk Haulage following its latest failure to remedy defaults under the mortgages.
The Mosgiel trucking company is a subsidiary of Burns Group 2018 Ltd, which is in liquidation and whose director is Otago businessman Malcolm Burns.
A notice of entry into possession of mortgaged goods was filed by Kiwi Asset Finance, a wholly owned subsidiary of Kiwibank, against Titan Bulk Haulage in September. Similar notices have previously been filed by Kiwi Asset Finance against the company.
In their most recent report, the liquidators of Burns Group 2018 said they were still awaiting information from Mr Burns so they could determine any available assets belonging to the company.
In March, an order was made in the High Court at Dunedin to place the company into liquidation.
It operated as a holding company with passive investment of three subsidiary companies: Forest Distribution and Logistics Ltd, Otago Excavation Ltd — which is in liquidation and in receivership — and Titan Bulk Haulage Ltd.
